McKinley Properties Sells 5 FL Assets
The portfolio encompassed 639 units across Gainesville, North Redington Beach, Pasadena and Daytona Beach. Berkadia worked on behalf of the seller and originated loans for the new owners.
After it recently purchased an Orlando, Fla., property for $45.5 million, Michigan-based McKinley Properties has worked with Berkadia on the sale of five properties totaling 639 units across Central and North Florida. According to Volusia County records, GoldOller Real Estate Investments acquired the 119-unit Sun Pointe for $9 million and the 96-unit Sun Pointe Lake for $10 million, both located in Daytona Beach, Fla.
Per Alachua County recorded documents, the company also purchased the 322-unit Windmeadows in Gainesville, Fla., for $39.5 million. Benchmark Real Estate Group bought the 60-unit Sailpointe in Pasadena, Fla., for $11.6 million and the 42-unit Ela Mar Apartments in North Redington Beach, Fla., for $6.1 million, according to Pinellas County public recorder.
Berkadia worked with GoldOller Real Estate Investments to originate two 10-year Freddie Mac loans—$30.4 million for Windmeadows and $7 million for Sun Pointe. The new owner of Sun Pointe Lake assumed the existing $6.5 million Fannie Mae financing and worked with Berkadia for a supplementary $917,000 Fannie Mae loan, both set to mature in 2027. Benchmark Group took on the existing $9.8 million CMBS, Fannie Mae-issued financing for Sailpointe and took out a $4.1 million loan to finance the acquisition of El Mar Apartments.
Senior Managing Director Cole Whitaker and Director Mary Beale of Berkadia’s Orlando office, Senior Director Jason Stanton of Berkadia’s Tampa office and Director Greg Rainey of Berkadia’s Jacksonville office, represented the seller. Whitaker worked on behalf of the seller in another Florida transaction last October, when the 260-unit Carriage Hills traded for $22 million. Senior Managing Director Robert Falese of Berkadia’s Philadelphia office arranged the Freddie Mac and Fannie Mae loans.
Windmeadows includes a mix of one-, two- and three-bedroom apartments in 30 two-story buildings. The gated community is located at 3700 Windmeadows Blvd. and features amenities such as a fitness center, pool, clubhouse and volleyball court. Last month, the property was fully leased, as per Yardi Matrix data.
Sun Pointe is situated at 1250 Woodcrest Drive and consists of 119 one-bedroom units in seven two-story buildings, while property amenities include a spa, business center and pool. Built in 1986 and renovated in 2001, the community was fully leased in February, according to Yardi Matrix.
Located at 1757 S. Clyde Morris Blvd., Sun Pointe Lake features 96 two-bedroom units in four three-story buildings. With amenities such as a fitness center, pool and picnic area, the property had an occupancy of 99 percent as of February.
Situated at 6742 S. Gulfport Blvd., Sailpointe includes one- and two-bedroom apartments in two- and three-story buildings. Amenities consist of a sundeck, picnic area and lake access with boat docks. Last month, the community was 98.3 percent leased.
El Mar is located at 17035 Gulf Blvd. and comprises 42 one- and two-bedroom apartments. Community amenities include fitness center, bike storage, rooftop lounge and sundeck.
“As Florida’s population continues to grow with about 1,000 people each day and is home to the nation’s third largest workforce, the sale of this portfolio indicates strong interest in multifamily investment in secondary markets due to a variety of positive factors drawing new residents to the state,” said Whitaker, in a prepared statement.
Images courtesy of Yardi Matrix